A group of influential UK lawmakers has urged Prime Minister Keir Starmer to introduce a new investor visa aimed at attracting wealthy foreign nationals, as rising taxes drive affluent residents out of the country. According to Bloomberg, twelve members of the House of Lords argue that a minimum investment visa—set at £2.5 million—could help the UK recover from its current “economic and political morass,” with the funds directed toward public services and national infrastructure.
In their letter, signatories including business leader Nosheena Mobarik, former Merrill Lynch executive Richard Spring, and ex-Downing Street Chief of Staff Edward Lister warn that the UK is rapidly losing capital, talent, and entrepreneurial energy due to recent tax hikes. The changes, including the removal of the long-standing non-dom tax status, have triggered an exodus of billionaires such as Checkout.com founder Guillaume Pousaz, Revolut CEO Nik Storonsky, and Egyptian tycoon Nassef Sawiris.
The lawmakers’ proposal comes ahead of Chancellor Rachel Reeves’ second budget, which is expected to introduce further taxes. A recent Oxford Economics report indicates that non-domiciled residents have already withdrawn £840 million from UK assets, and several high-net-worth individuals have relocated to more tax-friendly jurisdictions.
Though Starmer’s government has launched a fast-track residency pathway for high earners and is considering an updated investor visa, critics fear that the negative effects of the tax reforms are already taking hold. The letter stresses that foreign investors leaving the UK are taking with them significant contributions to the economy—including philanthropy, consumer spending, and job creation.
With countries such as Italy and Greece offering generous incentives to attract global wealth, UK lawmakers insist that urgent action is needed to stem further capital flight and restore Britain’s appeal as a destination for wealthy investors and entrepreneurs.
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